AnaptysBio to be weak on Lilly pulling peresolimab from pipeline, says Stifel

Stifel notes that Eli Lilly’s (LLY) Q3 earnings slides posted this morning show that PD-1 agonist peresolimab was removed from the Phase 2 pipeline. Given the readthrough of this program to the PD-1 agonist space, the firm expects to see weakness in AnaptysBio (ANAB) shares today, the analyst tells investors. However, the firm sees reason to believe that AnaptysBio’s PD-1 agonist rosnilimab is differentiated compared to peresolimab and notes that topline data from AnaptysBio’s Phase 2b study are on track for Q1 2025 following enrollment rates exceeding expectations. The firm, which continues to believe that “there’s little credit in the stock for this program and the readout remains upside-biased,” has a Buy rating on AnaptysBio shares, which have fallen $9.30, or 30%, to $21.50 in pre-market trading.